September 28: Nepal Rastra Bank has increased the daily limit for gold import. The central bank increased the gold import quota on Wednesday by amending the Integrated Circular-2079.
The NRB has mentioned in the circular that the daily limit for gold import has been fixed at 20 kg in accordance with section 4 (a) of Gold Import and Sale Distribution Procedure, 2068. This is twice the previous quota.
Two years ago, the central bank had restricted the daily gold import quota to 10 kg in order to maintain the foreign currency reserves following the outbreak of the coronavirus pandemic which affected the world market.
Since then, the gold traders have been time and again requesting the government to increase the gold import limit saying that they could not meet the demand with the allotted quota.
In Nepal, only commercial banks are allowed to import gold for business purpose. The commercial banks have been importing gold and selling it to businessmen according to the quota fixed by the central bank.